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- A firm requires 96 units of good Q. The firm can only hire one worker to produce these 96 units. The firm pays its worker a fixed wage. The worker’s production function is Q(e) = 24e The worker’s effort cost function is C(e) = 4e² The worker gets 0 if unemployed. Treat the good as continuous. Assume the firms pay the lowest fixed wage it can. What wage does it pay?4. A publisher prints copies of a popular weekly tabloid for distribution and sale. The fixed costs are $500 per print run, with each copy printed costing an additional $0.40. If C(q) is the cost function (in $) of the price of the print run as a function of copies printed, what is the formula for C(q)? Select one: a. C(q) = 500 + 0.4q b. C(q) = 500q + 0.4 c. C(q) = (500 + 0.4)q d. C(q) = 500 - 0.4q e. C(q) = 500q - 0.4 5. A hot dog vendor sells an average of 50 hot dogs during a Little League baseball game. If the sales are Normally distributed with a standard deviation of 7 hot dogs, what is the probability the vendor will sell between 45 and 65 hot dogs? Select one: a. 74.50% b. 92.36% c. 99.78% d. 174.50% e. 2.14 f. -0.71 g. 0.71If a business has $1,000 Cash currently, $300 Revenue each month going forward, and negative $200 Profit each month going forward, how many months will it take for the business to run out of money?
- Which of the following statements is correct regarding the EMH form? Select one: None of the answers are correct If the market is weak-form efficient, then it is also semistrong and strong-form efficient. If the market is semistrong form efficient, then it is also strong form efficient If a market is strong-form efficient, it is also semistrong and weak form efficient If the market is strong-form efficient, it is also semistrong but not weak-form efficientCLV = Profit per year X Number of years as a customer (lifetime) less customer acquisition costs And we can use the churn rate % to tell us how many years our average customer stay by dividing 1/churn rate. In our case that is 1/20% = 5 years = customer lifetime. A supermarket chain ran a social media campaign and they got 2,000 new customers. The TOTAL cost of the campaign was $250,000. These customers visited the supermarket 25 times a year. Each customer spends $100 per visit and the supermarket makes a 4% profit margin on the customer’s spend. The retention rate of the customers is 60%. What is their CLV? Assume that the profit margin is based on the customer’s non-discounted spend, then deduct the discount.As the Quality Sweaters problem is now modeled, if all inputs remain fixed except for the number mailed, profit will increase indefinitely as the number mailed increases. This hardly seems realistic—the company could becomeinfinitely rich. Discuss realistic ways to modify the model so that this unrealistic behavior is eliminated.
- When portraying the power law on a log-log graph, the y-axis is the logarithm of the unit costs, and the x-axis is the cumulative output.A firm is manufacturing the new product. The firm expects a linear function for its revenue on the product. Their staffs, however, didn't properly consider how the cost function would vary as a function of production rate. As a result, the firm was losing money at a high production rate. Therefore, you can describe this point to most likely be: a) Past the profit limit b) before reaching the break-even point c) The point after which the total revenue equals the total cost d) a and b e) a, b and cAssume the demand for a companys drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost 16x. Each unit of Wozac is sold for 3. Each unit of Wozac produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. Determine how large a Wozac plant the company should build to maximize its expected profit over the next 10 years.
- Bad simulations Explain why each of the followingsimulations fails to model the real situation properly:a) Use a random integer from 0 through 9 to representthe number of heads when 9 coins are tossed. b) A basketball player takes a foul shot. Look at a ran-dom digit, using an odd digit to represent a good shot and an even digit to represent a miss.c) Use random numbers from 1 through 13 to represent thedenominations of the cards in a five-card poker hand.In case of a production company which produces 3 different products (RE1, RE2, RE3), we know the following information: Measuring Unit RE1 RE2 RE3 Quantity unit 3,000,000 4,000,000 5,000,000 Sales Price Euro/unit 2,500 3,000 3,500 Production Cost Euro/unit 1,500 1,500 1,500 Consumption Factor kg/unit 0.02 0.04 0.01 Tasks: a) Has a company scarce resource if the company has only 250 tons raw material? b) Calculate the optimal composition of products! c) Determine the estimated total sales!You are thinking of opening a small copy shop. It costs $5000 to rent a copier for a year, and it costs $0.03 per copy to operate the copier. Other fixed costs of running the store will amount to $400 per month. You plan to charge an average of $0.10 per copy, and the store will be open 365 days per year. Each copier can make up to 100,000 copies per year. a. For one to five copiers rented and daily demands of 500, 1000, 1500, and 2000 copies per day, find annual profit. That is, find annual profit for each of these combinations of copiers rented and daily demand. b. If you rent three copiers, what daily demand for copies will allow you to break even? c. Graph profit as a function of the number of copiers for a daily demand of 500 copies; for a daily demand of 2000 copies. Interpret your graphs.